Laws, Regulations & Annotations
Property Taxes Law Guide – Revision 2017
Property Tax Annotations
220.0000 CHANGE IN OWNERSHIP
220.0348.005 Leases. Revenue and Taxation Code section 61(c) presumes that homes eligible for the homeowners' exemption that are on leased land have a renewal option of at least 35 years on the lease of that land, whether or not a renewal option exists in any contract or agreement. If the homeowner/lessee purchases the land from the lessor, there will be no change in ownership of the land under the provisions of Revenue and Taxation Code section 62(g) and Property Tax Rule 462.100(b)(2)(A) because the remaining term of the lease is presumed to be 35 years or more. C 11/30/2004.